Oil Price Digest

Crude Oil Crude spiked sharply in reaction to an explosion on a Libyan pipeline. Brent settled $1.77 higher at $67.02 /bbl. WTI settled just under $ 60 at $ 59.97 /bbl, i.e. $ 1.50 higher. its highest close this year.  The explosion on the Es Sider pipeline could take out supply to the extent of 70 – 100 kb/d as announce by the state run NOC. The cause for armed forces blasting the pipeline was…

Crude Oil Crude prices rose to make even higher heghs over a long weekend as markets struggled to evaluate the impact of many potentially bullish factors. Brent settled 35 cents higher at $65.25 /bbl, its highest close this year. WTI settled 11 cents higher at $58.47 /bbl.  With a long weekend coming up, the approach appeared to be “Be Long or Be Wrong”. Over the weekend, the market has seen both bullish and bearish factors…

Crude Oil Crude prices continued to scale greater highs in the absence of any fresh news. Brent settled 34 cents higher at $64.90 /bbl while WTI settled 27 cents higher at $58.36 /bbl.  In other news,  Ineos says the Forties pipeline is expected to restart in early January after repairs over Christmas. The company will allow a small number of customers to send oil and gas over the pipe lines before carefully ramping flows back…

Crude Oil Crude prices continued to climb and closed higher yesterday supported by seemingly bullish DOE weekly inventory data and the continued outage of the North Sea Forties pipeline system. Brent settled 76 cents higher at $64.56 /bbl while WTI settled 53 cents higher at $58.09 /bbl.  WTI has been finding strength on the back of falling crude inventories in the U.S. which at 436.5 million bbls, are now at their lowest since October 2015. As…

Crude Oil Crude prices ended higher yesterday as news of Saudi forces intercepting a Yemeni missile raised concerns of increased geopolitical uncertainty. Brent settled marginally 39 cents higher at $63.80 /bbl while WTI settled 30 cents higher at $57.46 / bbl. Markets are still torn between the increase in shale production and the stoppage of the Forties pipeline. That news of the Yemeni missile did not spook the markets much is because of the premium already…